Insolvency in the Retail Sector

The UK’s high street has been hit with multiple store closures and job cuts, as the sector continues to suffer through a major financial crisis. Stores and jobs are being lost in greater numbers than during the 2009 recession, thanks to a number of contributory factors. The main issues are a fall in consumer confidence and spending, Brexit-fuelled inflation and soaring business rates.

Many major high street names, including Toys r Us, Maplin, Bargain Booze and Poundland have all plunged into administration. Other traditional UK high street retailers such as Marks & Spencer and Mothercare have also been forced to close many of their outlets as profits plummet. With more falling sales figures and grim profit warnings on the horizon, it’s no wonder many retailers are now looking to close down their businesses.

If this sounds like your situation, Clarke Bell can help.

Specialists in the retail sector

As sales stagnate and costs rise, the mounting pressures will inevitably lead to more insolvencies in the retail industry. If your business is amongst those facing liquidation, increasing cash flow problems and an uncertain future, then getting expert advice early is essential.

At Clarke Bell, our Licensed Insolvency Practitioners have spent years working in the retail sector, providing specialist advice to retailers so that they can better secure the future of their business.

Our experts can help you decide which options are best for you.

Do you need to close down your retail business?

We provide retailers across the UK with practical solutions when they’re in financial difficulty. Our specialists are always empathetic to your situation, and can deal with your issues head on, even in the most complex of cases.

Many retail owners opt for a Company Voluntary Arrangement (CVA) as this solution can help them regain control, and take care of any business debts in order to secure the future of the business. If you have mounting debts and are looking for a way to help in delaying or reducing payments, then a CVA could be the ideal option for you. Even if you’re already in the process of company liquidation, or you’re looking for an exit route from an administration, a CVA can still help.

Often the best option for retailers going through financial difficulty is to go through a procedure called a Creditors’ Voluntary Liquidation (CVL). This is where the company is formally liquidated, with all of the directors’ legal obligations being fulfilled in accordance with all relevant legislation.

With a CVL, you’ll be able to:

Close down your business in the correct way.

Deal with any business debts and legal obligations.

Free yourself from a bad financial situation, move on and make a completely fresh start.

Protect the interests of your creditors and limit your own personal liabilities.

Don’t wait any longer, get professional help now

Are you the owner of a retail business dealing with mounting bills? Cash flow problems and potential liquidation? Are you struggling to pay creditors?

Whatever your situation, Clarke Bell are on hand to give you the crucial insolvency advice that can make all the difference. Our specialists strive to make the liquidation process as simple as possible, with a number of options available to you, including a CVL, or a CVA.

Clarke Bell’s Basic Creditors’ Voluntary Liquidation, from just £1,995 (including VAT), can be the affordable solution you need. If other options are more suitable, we’ll advise you if this is the case.

Thank you for all your help with the liquidation matters. You were a joy to deal with.

They kept me properly informed throughout the whole process with full explanations to my many questions….their patience and empathy meant so much to me. My heartfelt thanks to them all!

Thanks to the help I received from Clarke Bell, I am able to pay off my debts in a reasonable and realistic manner.